NEW YORK, Sept. 6, 2018
/PRNewswire/ -- XL Catlin today announced the launch of a new
seamless space insurance coverage for satellite owners,
manufacturers and launch providers. The new single policy covers
all satellite and launch vehicle physical damage exposures from
pre-launch to launch activities through deployment of the
spacecraft in orbit.
Chris Kunstadter, Global Head of
Space Insurance said: "We have developed this coverage based on our
review and monitoring of the space industry as well as on feedback
from clients and brokers. With the proliferation of new, small
satellites and launch vehicles, a single, standardized product will
provide easy access to insurance throughout the development and
deployment lifecycle of satellites and launch vehicles."
According to the United Nations Office for Outer Space Affairs
(UNOOSA), there are 4,857 satellites currently orbiting the planet;
an increase of 4.79% compared to last year. 2017 was a
record-breaking year for satellite launches with a total of 466
satellites launched. So far in 2018, 220 satellites have been
launched.
"The policy is a game changer for the aerospace industry which
traditionally has had to secure separate policies for each portion
of the process. Now we can insure all aspects and phases under one
single policy," added Mr. Kunstadter
The new policy offers limits up to USD 5
million during both the pre-launch and launch phases and
limits can differ during each phase. The underwriting expert teams
are based in New York and
London, covering global clients in
the aerospace industry.
XL Catlin offers a unique and comprehensive suite of insurance
products for space operations, including launch, in-orbit, and
associate coverages for satellites, launch vehicles, and other
space payloads, as well as pre-launch and liability coverages.
Coverage extends to traditional and specialized aerospace,
telecommunications, and earth observation organizations, and
related businesses.
About XL Catlin Insurance Operations
XL Catlin insurance companies offer property, casualty,
professional, financial lines and specialty insurance products
globally. Businesses that are moving the world forward choose XL
Catlin as their partner. To learn more,
visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd's
(NYSE:XL) insurance and reinsurance companies which provide
property, casualty, professional and specialty products to
industrial, commercial and professional firms, insurance companies
and other enterprises throughout the world. Clients look to
XL Catlin for answers to their most complex risks and to help move
their world forward. To learn more, visit xlcatlin.com.
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SOURCE XL Catlin